Glencore has raised its full year marketing guidance for earnings before interest and tax despite a fall in third quarter output of some commodities.
Glencore raised marketing EBIT guidance to $2.6bn-$2.8bn.
Own sourced copper production of 946,500 tonnes was 11% lower than a year ago, reflecting the Ernest Henry minority sale in Q4 2016, combined with smelter maintenance at Mount Isa in Q3 2017, reduced throughput at Mutanda (due to power interruption at Mopani, which impacted the supply of sulphuric acid), end of mine-life production declines at Alumbrera and the timing of lower copper grades at Antapaccay.
Own sourced zinc production of 827,400 tonnes was 5% up on the comparable period, mainly reflecting the transition to higher zinc grade (versus copper) areas at Antamina.
Own sourced nickel production of 80,700 tonnes was down 2% on the comparable period, reflecting maintenance at INO and Murrin and a higher proportion of third party feeds in INO's metallurgical mix.
Attributable ferrochrome production of 1,107,000 tonnes was in line with the comparable period.
Coal production of 91 million tonnes was in line with the comparable period as expected increases from productivity improvements and Glencore's higher equity share in certain mines were offset by the impacts of industrial action in New South Wales and unusually heavy rainfall in Colombia.
Glencore's oil entitlement production interest of 3.9 million barrels was 36% below the comparable 2016 period, reflecting natural field declines, having only recommenced drilling in Chad in H2 2017. The trend in Chad is expected to improve as the results from the single-rig drilling campaign start to be realised.
At 9:09am: (LON:GLEN) Glencore PLC share price was +0.9p at 368.1p